Dave Liu - The Way of the Wall Street Warrior

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A Wall Street Insider's Guide to getting ahead in any highly competitive industry "Dave learned how to win in investment banking the hard way. Now he is able to share tools that make it easier for budding bankers and other professionals to succeed."
"A must-read for anyone starting their career in Corporate America. Dave's book shares witty and valuable insights that would take a lifetime to learn otherwise. I highly recommend that anyone interested in advancing their career read this book."
In 
, 25-year veteran investment banker and finance professional, Dave Liu, delivers a humorous and irreverent insider’s guide to thriving on Wall Street or Main Street. Liu offers hilarious and insightful advice on everything from landing an interview to self-promotion to getting paid. 
In this book, you’ll discover: 
How to get that job you always wanted Why career longevity and “success” comes from doing the 
 amount of work for the 
 pay How mastering 
 and understanding human nature can help you win the rat race How to make people 
 you’re the smartest person in the room without actually 
 the smartest person in the room How to make sure you do everything in your power to get paid well (or at least not get screwed too badly) How to turn any weakness or liability into an asset to further your career

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One secret tip: No one ever uses P.S. (postscript) anymore, but frankly (I've been being frank the whole time, honest), I think it's a perfect vehicle to do something off the wall or get in a last comment or word. If you're one of the few people who reads this book aside from my Mom, use a P.S. and stand out. I sometimes use it to refer to something casual that was discussed during the interview and could help build affinity:

P.S. Let's hope the Rockets recover from trading The Beard and have a better 2022, or I may have to become a Mavericks fan.

P.S. If you're looking for a good bottle of wine, be sure to try the Rioja Gran Reserva. Spanish wines are so underrated!

P.S. No one really uses P.S. anymore. I do. It shows you my respect for the past, present, and future.

One more super-secret tip: Remember attentional bias? Just checking. Well, think about ways to stand out but in a personal and meaningful way. I once got a thank-you note that was handwritten—in cursive! (I mean who the hell knows how to write in script anymore? I can barely write two sentences in block letters without it looking like I had a heart attack mid-sentence.) It means you've taken the time to gather your thoughts, write a personalized message, research my office address, place it in an envelope, lick it (OK, that's gross), spend some dough to put a stamp on it, get off your ass, and drop it in the mailbox. Now that's spam with heart, unlike the crap most of you Axiom passengers 3 will cut, paste, and send out ad infinitum.

And here's my last two bits of advice about emails: Proofread carefully for missing and extra words. And spell-check! Nothing can get you knocked out of contention faster than a few well-placed typos—especially in the anal-retentive world of Wall Street. Some of my personal favorites include:

I'm very interested in working on Initial Pubic Offerings.

I enjoy writing prospectuses. After all, the penis mightier than the sword.

I have a strong attention to to detail.

You might be meeting with someone as anal as I am, so you'd better double-check and then do it one more time for me!

Key Takeaways

Assume you're SPAM, so create an email that gets their attention.

Return on time invested is critical. Keep it brief and get to the point!

Give the impression that you're the love child of a Holy Trinity: the brains of Albert Einstein, the stamina of Optimus Prime, and the persistence of Wile E. Coyote.

Beware of attentional bias: Communicate key attributes most relevant to the job and validate them with mutual acquaintances.

Recency bias dictates that endings matter. Think carefully about your closing salutation. Use a P.S. to build affinity (like your mutual misery over the Houston Rockets).

Don't screw up prerequisites for the job. Proofread; then do it again. Otherwise, you might be saying you're interested in taking your penis public.

Notes

1 1According to a 2015 study by Microsoft, the average human being now has an attention span of eight seconds. You can imagine it's even worse now. https://time.com/3858309/attention-spans-goldfish/

2 2 www.liucrative.com

3 3Watch Pixar's WALL-E if you have no idea what I'm talking about. That's your future, couch potato.

CHAPTER 4 Failure as Fertilizer The Power of Persistence Youve sent the - фото 7

CHAPTER 4 Failure as Fertilizer: The Power of Persistence

You've sent the email, what's next? Do you just leave it at that and wait? No! Have you learned nothing so far? Although landing a job might be your #1 priority, chances are that your email (which you spent so much time agonizing over) has been either quickly forgotten or has landed in the Junk box, never to be seen again. So what do you do? Persevere. Persevere. Persevere.

Herald Chen, who co-ran Technology at Kohlberg Kravis Roberts (KKR) and is a former Goldman Sachs banker, recalls that when he was in college, he had his heart set on landing an internship at General Motors (GM). He sent a postcard to the HR department, explaining that he was an immigrant and that his father had always bought GM cars, but when they broke down, the Chens replaced them with Toyotas. The clincher was in the next line where he wrote, “I want to work at GM to make your cars better.”

It worked. He got the job.

Here's another never-give-up story from Juan Alva, formerly of Goldman Sachs and now managing director of an alternative investment fund. Juan told me about a graduate of a midwestern university—which might as well have been University of Basket Weaving given Wall Street's preference to hire from the Ivies—who wanted to get into the investment banking division at Goldman. Now this was way before Google, so the persistent bugger called the main phone number at Goldman and continued to call every day, trying to speak with the head of the group. He got as far as the head banker's secretary, who put up a huge firewall, offering one excuse after another as to why her boss wasn't available. At some point, the pest started calling 15 minutes earlier each day, until finally he caught the head banker before his secretary had arrived. “You've been very persistent,” he was told, and in the end, he got an interview and a job. That gnat became a top dog at Goldman and retired a very rich man.

The moral? “A lot of people don't appreciate that persistence really does pay off,” Juan told me.

One last story. Eric Heglie, a partner at Industrial Growth Partners and an ex-banker at Jefferies, broke into the business the old-fashioned way: as a stalker. He graduated from UCLA with a liberal arts degree and wanted to work at Jefferies. The only problem was that at the time, Jefferies was largely hiring from elite business and finance schools. So when Eric wasn't invited to interview, he tracked down one of their bankers and approached him as he walked toward the parking lot. Eric regaled him with all the reasons why he'd make a great banker and wouldn't let him go until the banker finally agreed to bring him in for an interview. Without his persistence, Eric would not have become the powerhouse private equity investor he is today.

Bottom line: Be persistent. If you get a resounding “No,” just remember that “No” is just a single letter away from “Now.” Did you give up when you failed that sobriety test? When you didn't graduate high school because you flunked gym? When you proposed to your now-wife and she initially said, “No, no, a thousand times no?” Of course not. You learned from your screw-up, dusted yourself off, and got back into the driver's seat. Just like that, much of landing a job is having the willpower to persevere. Some call it grit, but I like to consider it being able to take a wallop to the gut. From day one of your job search, that's the posture you want to assume.

Be Unus

Sometimes when you're getting constantly rejected, the problem really is with you.

Rather than scream that everyone's stupid, learn from rejection and adjust. Iterate. Figure out what makes you unappealing. I can't help you burn off your warts or drain your cysts, but I do have some advice that applies to everything from getting a job, to a promotion, a deal, and even a spouse. Unlike the soulless, one-word advice Mr. McGuire says to Dustin Hoffman in the movie The Graduate , my advice isn't “Plastics.” Mine is “ Unus.” That's Latin for “one” and “only” and is the root of the word unique .

Gina King, partner at Supernode Global and former Jefferies SVP, says, “Focus on making it clear how you are different from other candidates. In certain situations, I didn't have the relevant experience so I focused on bringing new perspectives and being additive to the team. I came across as unique.”

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